Statistics for Business

and Economics
Anderson Sweeney
Williams
Slides by
John Loucks
St. Edward’s University

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 Chapter 3, Part B
Descriptive Statistics: Numerical
Measures
 Measures of Distribution Shape, Relative
Location, and Detecting Outliers
 Exploratory Data Analysis
 Measures of Association Between Two
 Variables
The Weighted Mean and
Working with Grouped Data

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 Measures of Distribution Shape,
Relative Location, and Detecting Outliers
 Distribution Shape
 z-Scores
 Chebyshev’s
 Theorem
Empirical Rule
 Detecting Outliers

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 Distribution Shape: Skewness
 An important measure of the shape of a
distribution is called skewness.
 The formula for the skewness of sample data is
3
n  xi  x 
Skewness   
(n  1)(n  2)  s 


 Skewness can be easily computed using

statistical software.

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 Distribution Shape: Skewness
 Symmetric (not skewed)
• Skewness is zero.
• Mean and median are equal.

.35
Skewness =
0
Relative Frequency

.30
.25
.20
.15
.10
.05
0

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Distribution Shape: Skewness
 Moderately Skewed Left
• Skewness is negative.
• Mean will usually be less than the median.
.35
Skewness = - .31
Relative Frequency

.30
.25
.20
.15
.10
.05
0

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6
or duplicated, or posted to a publicly accessible website, in whole or in part.
 Distribution Shape: Skewness
 Moderately Skewed Right
• Skewness is positive.
• Mean will usually be more than the median.
.35
Skewness = .31
Relative Frequency

.30
.25
.20
.15
.10
.05
0

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Distribution Shape: Skewness
 Highly Skewed Right
• Skewness is positive (often above 1.0).
• Mean will usually be more than the median.

.35
Skewness = 1.25
Relative Frequency

.30
.25
.20
.15
.10
.05
0

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Distribution Shape: Skewness
 Example: Apartment Rents
Seventy efficiency apartments were
randomly
sampled in a college town. The monthly rent
prices
425 430 430 435 435 435 435 435 440 440
for the apartments are listed below in ascending
440 440 440 445 445 445 445 445 450 450
order.
450 450 450 450 450 460 460 460 465 465
465 470 470 472 475 475 475 480 480 480
480 485 490 490 490 500 500 500 500 510
510 515 525 525 525 535 549 550 570 570
575 575 580 590 600 600 600 600 615 615

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Distribution Shape: Skewness
 Example: Apartment Rents

.35 Skewness = .92

Relative Frequency

.30

.25

.20
.15

.10
.05
0

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 z-Scores

The
The z-score
z-score is
is often
often called
called the
the standardized
standardized value.
value.

It
It denotes
denotes the the number
number of
of standard
standard deviations
deviations aa data
data
value
value xxii is
is from
from the
the mean.
mean.

xi  x
zi 
s

Excel’s
Excel’s STANDARDIZE
STANDARDIZE function
function can
can be
be used
used to
to
compute
compute the
the z-score.
z-score.

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 z-Scores

 An observation’s z-score is a measure of the relative

location of the observation in a data set.
 A data value less than the sample mean will have a
z-score less than zero.
 A data value greater than the sample mean will hav
a z-score greater than zero.
 A data value equal to the sample mean will have a
z-score of zero.

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 z-Scores

 Example: Apartment Rents

• z-Score of Smallest Value (425)
xi  x 425  490.80
z    1.20
s 54.74

Standardized Values for Apartment Rents

-1.20 -1.11 -1.11 -1.02 -1.02 -1.02 -1.02 -1.02 -0.93 -0.93
-0.93 -0.93 -0.93 -0.84 -0.84 -0.84 -0.84 -0.84 -0.75 -0.75
-0.75 -0.75 -0.75 -0.75 -0.75 -0.56 -0.56 -0.56 -0.47 -0.47
-0.47 -0.38 -0.38 -0.34 -0.29 -0.29 -0.29 -0.20 -0.20 -0.20
-0.20 -0.11 -0.01 -0.01 -0.01 0.17 0.17 0.17 0.17 0.35
0.35 0.44 0.62 0.62 0.62 0.81 1.06 1.08 1.45 1.45
1.54 1.54 1.63 1.81 1.99 1.99 1.99 1.99 2.27 2.27

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Chebyshev’s Theorem

At
At least
least (1
(1 -- 1/z
1/z22)) of
of the
the items
items in
in any
any data
data set
set will
will be
be
within
within zz standard
standard deviations
deviations of
of the
the mean,
mean, where
where zz is
is
any
any value
value greater
greater than than 1.
1.

Chebyshev’s
Chebyshev’s theorem
theorem requires
requires zz >
> 1,
1, but
but zz need
need not
not
be
be an
an integer.
integer.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Chebyshev’s Theorem

At least 75%
At least of
of the
the data
data values
values must
must be
be
within z = 2 standard deviations
within of
of the
the mean.
mean

At least 89%
At least of
of the
the data
data values
values must
must be
be
within z = 3 standard deviations
within of
of the
the mean.
mean

At least 94%
At least of
of the
the data
data values
values must
must be
be
within z = 4 standard deviations
within of
of the
the mean.
mean

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Chebyshev’s Theorem

 Example: Apartment Rents

Let z = 1.5 with x= 490.80 and s = 54.74

At least (1 - 1/(1.5)2) = 1 - 0.44 = 0.56 or 56%

of the rent values must be between
x - z(s) = 490.80 - 1.5(54.74) = 409
and
x + z(s) = 490.80 + 1.5(54.74) = 573

(Actually, 86% of the rent values

are between 409 and 573.)

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Empirical Rule

When the data are believed to approximate a

bell-shaped distribution …

The
The empirical
empirical rule
rule can
can be
be used
used to
to determine
determine the
the
percentage
percentage of
of data
data values
values that
that must
must be
be within
within aa
specified
specified number
number ofof standard
standard deviations
deviations of
of the
the
mean.
mean.

The
The empirical
empirical rule
rule is
is based
based on
on the
the normal
normal
distribution,
distribution, which
which is
is covered
covered in
in Chapter
Chapter 6.
6.

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 Empirical Rule

For data having a bell-shaped distribution:

68.26% of of the
the values
values of
of aa normal
normal random
random variable
variable
are within+/- 1 standard deviation
are within of
of its
its mea
mea

95.44% of of the
the values
values of
of aa normal
normal random
random variable
variable
are within+/- 2 standard deviations
are within of
of its
its mea
mea

99.72% of of the
the values
values of
of aa normal
normal random
random variable
variable
are within+/- 3 standard deviations
are within of
of its
its mea
me

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Empirical Rule

99.72%
95.44%
68.26%

m
x
m – 3s m – 1s m + 1s m + 3s
m – 2s m + 2s

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Detecting Outliers

 An outlier is an unusually small or unusually large

value in a data set.
 A data value with a z-score less than -3 or greater
than +3 might be considered an outlier.
 It might be:
• an incorrectly recorded data value
• a data value that was incorrectly included in the
data set
• a correctly recorded data value that belongs in
the data set

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Detecting Outliers

 Example: Apartment Rents

• The most extreme z-scores are -1.20 and 2.27
• Using |z| > 3 as the criterion for an outlier, there
are no outliers in this data set.

Standardized Values for Apartment Rents

-1.20 -1.11 -1.11 -1.02 -1.02 -1.02 -1.02 -1.02 -0.93 -0.93
-0.93 -0.93 -0.93 -0.84 -0.84 -0.84 -0.84 -0.84 -0.75 -0.75
-0.75 -0.75 -0.75 -0.75 -0.75 -0.56 -0.56 -0.56 -0.47 -0.47
-0.47 -0.38 -0.38 -0.34 -0.29 -0.29 -0.29 -0.20 -0.20 -0.20
-0.20 -0.11 -0.01 -0.01 -0.01 0.17 0.17 0.17 0.17 0.35
0.35 0.44 0.62 0.62 0.62 0.81 1.06 1.08 1.45 1.45
1.54 1.54 1.63 1.81 1.99 1.99 1.99 1.99 2.27 2.27

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Exploratory Data Analysis

Exploratory
Exploratory data
data analysis
analysis procedures
procedures enable
enable us
us to
to use
use
simple
simple arithmetic
arithmetic and
and easy-to-draw
easy-to-draw pictures
pictures to
to
summarize
summarize data.
data.

We
We simply
simply sort
sort the
the data
data values
values into
into ascending
ascending order
order
and
and identify
identify the
the five-number
five-number summary
summary andand then
then
construct
construct aa box
box plot.
plot.

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 Five-Number Summary

1 Smallest Value

2 First Quartile

3 Median

4 Third Quartile

5 Largest Value

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Five-Number Summary

 Example: Apartment Rents

Lowest Value = 425 First Quartile = 445

Median = 475
Third Quartile = 525 Largest Value = 615
425 430 430 435 435 435 435 435 440 440
440 440 440 445 445 445 445 445 450 450
450 450 450 450 450 460 460 460 465 465
465 470 470 472 475 475 475 480 480 480
480 485 490 490 490 500 500 500 500 510
510 515 525 525 525 535 549 550 570 570
575 575 580 590 600 600 600 600 615 615

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot

A
A box
box plot
plot is
is aa graphical
graphical summary
summary of
of data
data that
that is
is
based
based on
on aa five-number
five-number summary.
summary.

A
A key
key to
to the
the development
development ofof aa box
box plot
plot is
is the
the
computation
computation of of the
the median
median and
and the
the quartiles
quartiles Q Q11 and
and
Q
Q33..

Box
Box plots
plots provide
provide another
another way
way to
to identify
identify outliers.
outliers.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot
 Example: Apartment Rents
• A box is drawn with its ends located at the first an
third quartiles.
• A vertical line is drawn in the box at the location of
the median (second quartile).

40 42 45 47 50 52 55 57 60 62
0 5 0 5 0 5 0 5 0 5
Q1 = 445 Q3 = 525
Q2 = 475
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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot

 Limits are located (not drawn) using the

interquartile range (IQR).
 Data outside these limits are considered
 outliers.
The locations of each outlier is shown with the
symbol * .
continued

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot
 Example: Apartment Rents
• The lower limit is located 1.5(IQR) below Q1.
Lower Limit: Q1 - 1.5(IQR) = 445 - 1.5(80) = 325

• The upper limit is located 1.5(IQR) above Q3.

Upper Limit: Q3 + 1.5(IQR) = 525 + 1.5(80) = 645

• There are no outliers (values less than 325 or

greater than 645) in the apartment rent data.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot
 Example: Apartment Rents
• Whiskers (dashed lines) are drawn from the
ends
of the box to the smallest and largest data
values
inside the limits.

40 42 45 47 50 52 55 57 60 62
0 5 0 5 0 5 0 5 0 5
Smallest value Largest value
inside limits = 425 inside limits = 615
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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Box Plot

An excellent graphical technique for

making
comparisons among two or more
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied
groups.
or duplicated, or posted to a publicly accessible website, in whole or in part.
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 Measures of Association
Between Two Variables
Thus
Thus far
far we
we have
have examined
examined numerical
numerical methods
methods used
used
to
to summarize
summarize the
the data
data for
for one
one variable
variable at
at aa time.
time.

Often
Often aa manager
manager or
or decision
decision maker
maker isis interested
interested in
in
the
the relationship
relationship between
between two
two variables.
variables.

Two
Two descriptive
descriptive measures
measures ofof the
the relationship
relationship
between
between two
two variables
variables are
are covariance
covariance and
and correlation
correlation
coefficient.
coefficient.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Covariance

The
The covariance
covariance is
is aa measure
measure of
of the
the linear
linear association
association
between
between two
two variables.
variables.

Positive
Positive values
values indicate
indicate aa positive
positive relationship.
relationship.

Negative
Negative values
values indicate
indicate aa negative
negative relationship.
relationship.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Covariance

The
The covariance
covariance is
is computed
computed as
as follows:
follows:

 ( xi  x )( yi  y ) for
sxy 
n 1 samples

 ( xi   x )( yi   y ) for
 xy  populations
N

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Correlation Coefficient

Correlation
Correlation is
is aa measure
measure of
of linear
linear association
association and
and not
not
necessarily
necessarily causation.
causation.

Just
Just because
because two
two variables
variables are
are highly
highly correlated,
correlated, it
it
does
does not
not mean
mean that
that one
one variable
variable is
is the
the cause
cause of
of the
the
other.
other.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Correlation Coefficient

The
The correlation
correlation coefficient
coefficient is
is computed
computed as
as follows:
follows:
sxy  xy
rxy   xy 
sx s y  x y

for for
samples populations

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Correlation Coefficient

The
The coefficient
coefficient can
can take
take on
on values
values between
between -1
-1 and
and +1
+

Values
Values near
near -1
-1 indicate
indicate aa strong
strong negative
negative linear
linear
relationship.
relationship.

Values
Values near
near +1
+1 indicate
indicate aa strong
strong positive
positive linear
linear
relationship.
relationship.

The
The closer
closer the
the correlation
correlation is
is to
to zero,
zero, the
the weaker
weaker the
the
relationship.
relationship.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Covariance and Correlation Coefficient

 Example: Golfing Study

A golfer is interested in investigating the
relationship, if any, between driving distance
and 18-hole score.
Average Driving Average
Distance (yds.) 18-Hole Score
277.6 69
259.5 71
269.1 70
267.0 70
255.6 71
272.9 69

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Covariance and Correlation Coefficient

 Example: Golfing Study

x y (xi  x) (yi  y) (xi  x)(yi  y)

277.6 69 10.65 -1.0 -10.65
259.5 71 -7.45 1.0 -7.45
269.1 70 2.15 0 0
267.0 70 0.05 0 0
255.6 71 -11.35 1.0 -11.35
272.9 69 5.95 -1.0 -5.95
Average 267.0 70.0 Total -35.40
Std. Dev. 8.2192.8944

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Covariance and Correlation Coefficient

 Example: Golfing Study

• Sample Covariance

sxy 
 (x  x)(y  y)  35.40
i i
   7.08
n 1 6 1
• Sample Correlation Coefficient
sxy  7.08
rxy    -.9631
sxsy (8.2192)(.8944)

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 The Weighted Mean and
Working with Grouped Data
 Weighted Mean
 Mean for Grouped Data
 Variance for Grouped Data
 Standard Deviation for Grouped Data

© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied
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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Weighted Mean

 When the mean is computed by giving each data

value a weight that reflects its importance, it is
referred to as a weighted mean.
 In the computation of a grade point average (GPA),
the weights are the number of credit hours earned
each grade.
 When data values vary in importance, the analyst
must choose the weight that best reflects the
importance of each value.

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Weighted Mean

x  wx i i

w i

where:
xi = value of observation i
wi = weight for observation i

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Grouped Data

 The weighted mean computation can be used to

obtain approximations of the mean, variance, and
standard deviation for the grouped data.
 To compute the weighted mean, we treat the
midpoint of each class as though it were the mean
of all items in the class.
 We compute a weighted mean of the class midpoint
using the class frequencies as weights.
 Similarly, in computing the variance and standard
deviation, the class frequencies are used as weight

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Mean for Grouped Data

 Sample Data

x  fM i i

 Population
Data
  fM i i

N
where:
fi = frequency of class i
Mi = midpoint of class i

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Sample Mean for Grouped Data

 Example: Apartment Rents

The previously presented sample of
apartment
rents is shown here as grouped
Rent ($) data in the
Frequency
form of 420-439 8
a frequency distribution. 440-459 17
460-479 12
480-499 8
500-519 7
520-539 4
540-559 2
560-579 4
580-599 2
600-619 6

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Sample Mean for Grouped Data
 Example: Apartment Rents

Rent ($) fi Mi f iMi

420-439 8 429.5 3436.0 34,525
x  493.21
440-459 17 449.5 7641.5 70
460-479 12 469.5 5634.0 This approximation
480-499 8 489.5 3916.0
differs by $2.41 from
500-519 7 509.5 3566.5
520-539 4 529.5 2118.0 the actual sample
540-559 2 549.5 1099.0 mean of $490.80.
560-579 4 569.5 2278.0
580-599 2 589.5 1179.0
600-619 6 609.5 3657.0
Total 70 34525.0

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Variance for Grouped Data
 For sample data

2  f i ( Mi  x ) 2
s 
n 1

 For population data

 f ( M   ) 2
2  i i
N

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or duplicated, or posted to a publicly accessible website, in whole or in part.
 Sample Variance for Grouped Data
 Example: Apartment Rents

Rent ($) fi Mi Mi - x (M i - x )2 f i (M i - x )2
420-439 8 429.5 -63.7 4058.96 32471.71
440-459 17 449.5 -43.7 1910.56 32479.59
460-479 12 469.5 -23.7 562.16 6745.97
480-499 8 489.5 -3.7 13.76 110.11
500-519 7 509.5 16.3 265.36 1857.55
520-539 4 529.5 36.3 1316.96 5267.86
540-559 2 549.5 56.3 3168.56 6337.13
560-579 4 569.5 76.3 5820.16 23280.66
580-599 2 589.5 96.3 9271.76 18543.53
600-619 6 609.5 116.3 13523.36 81140.18
Total 70 208234.29
continued
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48
or duplicated, or posted to a publicly accessible website, in whole or in part.
 Sample Variance for Grouped Data
 Example: Apartment Rents
• Sample Variance
s2 = 208,234.29/(70 – 1) = 3,017.89

• Sample Standard Deviation

s  3,017.89  54.94

This approximation differs by only $.20

from the actual standard deviation of $54.74.

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Slide
49
or duplicated, or posted to a publicly accessible website, in whole or in part.
 End of Chapter 3, Part B

© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied
Slide
50
or duplicated, or posted to a publicly accessible website, in whole or in part.